盛业(06069)发布公告，于2025年12月19日，盛隆(一间本公司的间接非全资附属公司)、盛业保理(一间 本公司的间接全资附属公司)及宁波国富(一间本公司的联属公司)订立补充融资支持协议以支持宁波国富 的业务发展及为宁波国富所从事的供应链金融业务提供融资支持。 ...

智通财经APP讯，盛业(06069)发布公告，于2025年12月19日，盛隆(一间本公司的间接非全资附属公 司)、盛业保理(一间本公司的间接全资附属公司)及宁波国富(一间本公司的联属公司)订立补充融资支持 协议以支持宁波国富的业务发展及为宁波国富所从事的供应链金融业务提供融资支持。 ...

文/子木 很多人一听到"自由贸易港"，第一反应就是香港。觉得海南就是要学香港，搞金融，搞低税率，搞房地产。 但这完全没有逻辑。 第一，香港是全球顶级的金融中心，它的地位是历史形成的，是法律体系和货币制度决定的。海南想在金融上取代香港？十年内都没戏。而且香港目前正 在加速融入内地，也很"听话"，没必要再造一个平替，搞无效竞争。 国家做这件事的战略意图非常清晰，野心极大： 再造一个"超级新加坡"。 这两天，海南封关的消息刷屏了。新闻联播在报，朋友圈在转，各种解读满天飞。 这不仅仅是关税的调整，更是中国经济版图的一次重构。今天，我带你透过现象看本质，解剖一下海南封关背后，那盘惊心动魄的"国运棋局"。 很多读者在后台问我："封关是不是意味着以后去海南要办签证了？""以后去海南买iPhone、买LV包包是不是更便宜了？""我是不是该去海南囤几套房？" 看着这些问题，我心情很复杂。因为只看到了最浅的一面。没办法，市面上99%的解读，也都停留在"购物天堂"和"再造香港"的层面。 一、为什么不是香港，而是新加坡？ 其实都是错的。 首先，我们要纠正一个巨大的认知误区。 第二，香港服务业很发达，但工业却严重"空心化"，再让这个寸 ...

引言:跨境贸易融资困境的行业现状 在全球经济一体化深入发展的背景下,进出口贸易企业面临着日益复杂的融资挑战。据统计,超过60%的 中小型进出口企业在资金周转、信用评估、担保要求等方面存在困难。传统的融资模式往往无法满足跨 境贸易中资金需求时效性强、周转频率高、风险评估复杂的特点,导致企业在全球供应链中的竞争力受 限。 进出口贸易融资的难点分析 资金周转压力 跨境贸易企业在货物运输周期、清关等待时间、库存资金占用等环节面临长期资金锁定问题。特别是在 大宗商品进口、季节性商品出口等场景下,企业需要承担高额的资金成本和流动性风险。 信用评估复杂性 跨境信用体系的不统一使得传统金融机构难以准确评估企业的真实经营状况和偿付能力。国际贸易中的 汇率波动、政策变化、供应链不确定性进一步增加了风险评估的难度。 担保与要求严格 传统融资渠道要求的实物、第三方担保等条件对于轻资产运营的贸易企业构成较高门槛,限制了融资可 获得性。 综合供应链服务商的融资支持解决方案 一站式跨境物流金融服务 专业的供应链服务商通过整合国际货运、报关清关、仓储加工等业务环节,为企业提供全链路的资金流 优化方案。这种模式下,服务商基于对货物流转、通关效 ...

Core Viewpoint - The Chinese Internet Finance Association has reported that 14 supply chain information service institutions have voluntarily applied to exit the accounts receivable certificate business, marking the first public list of institutions withdrawing since the issuance of the "77 Document" in February 2023, which aims to regulate supply chain financial services [1][2]. Regulatory Norms - A total of 217 supply chain information service institutions have registered with the association, with 206 reporting operational data and 186 submitting monthly business data. The association has established a routine self-discipline filing process for these institutions [2]. - The self-discipline filing management rules require institutions to submit a filing application, including a summary of accounts receivable electronic debt certificate business for the past three years and recommendations from at least three core enterprises and financing institutions [2]. Reasons for Withdrawal - Three main reasons for the voluntary withdrawal of institutions from the accounts receivable business have been identified: 1. Inability to meet the strict requirements set by the "77 Document" [3]. 2. Forced closure due to the prohibition of banks providing technical output services [3]. 3. Strategic shift towards supply chain bills, as banks are encouraged to support this development [3]. Business Specifics - The "77 Document" outlines nine types of businesses that will exit, including those without real trade backgrounds, those extending payment terms without justification, and those exceeding control limits on accounts receivable electronic debt certificates [4]. - The supply chain bill business is rapidly developing, with platforms attracting enterprises due to their compliance and policy support, leading to a shift from the accounts receivable certificate system [4]. Future Development - Despite some institutions exiting, the accounts receivable electronic debt certificate business still has core application scenarios, with over 500 platforms engaged in this business, and an annual issuance scale of 4 to 5 trillion yuan [5]. - Specific industries may explore alternative models that better fit their characteristics, ensuring the continuity of business functions [5]. Regulatory Framework - The introduction of the "77 Document" signifies the entry of the accounts receivable certificate business into a phase of compliance development, highlighting the need for further detailed regulatory guidelines to clarify core issues and execution standards [6].

12月10日至11日举行的中央经济工作会议为2026年经济工作指明了方向。会议提出的"稳中求进"总基调 以及一系列宏观政策与产业部署，成为资本市场关注的焦点。多位基金经理表示，政策组合拳为资本市 场提供了有利的基本面、资金面和情绪面支撑。机构预计，会议释放的关键信号将催生消费升级、科技 创新及基建与统一大市场配套等领域的结构性投资机遇。 政策组合拳护航资本市场 ● 本报记者张凌之 一是消费升级领域。某大型基金公司研究人士认为，"坚持内需主导"居于2026年经济工作任务的首位， 大消费板块料获得持续助力。上述资深基金经理表示："耐用消费品及智能消费，包括智能家居、智能 网联汽车、AI消费电子等品类将受益于以旧换新政策扩围；同时，服务消费方面，养老康养、文旅休 闲、医疗健康等赛道，有望获得财政补贴和政策支持。" 二是新质生产力相关领域。某大型基金公司研究人士表示，"坚持创新驱动，加紧培育壮大新动能"的表 述凸显了科技突破的紧迫性，以人工智能等为代表的科技创新板块有望成为长期投资主线。上述资深基 金经理详细列举了新质生产力相关领域，包括以AI应用、半导体、商业航天为代表的硬核科技，以新 能源汽车、高端装备、储能为代 ...

Core Viewpoint - The article discusses the withdrawal difficulties faced by investors in the "Liuke Yunbang" and "Xiaogu Fengshou" apps, both operated by the Mengda Group, highlighting a potential financial crisis within the company and investor concerns regarding the safety of their funds [1][2][3]. Group 1: Withdrawal Issues - Since November 2025, investors have reported difficulties in withdrawing funds from the "Liuke Yunbang" app, with many unable to access their money despite multiple attempts [2][4]. - The withdrawal issues began after the National Day holiday in 2025, initially affecting large withdrawals before escalating to all amounts being stuck in the platform [2][4]. - The Mengda Group has proposed a repayment plan that categorizes unpaid amounts into four tiers, with varying repayment timelines and conditions, including equity conversion for larger investments [3][8]. Group 2: Company Background - "Liuke Yunbang" was launched in 2021 and is operated by Dongguan Mengda Data Technology Co., Ltd., part of the Mengda Group, which has received investments from notable institutions [3][4]. - The Mengda Group also operates other platforms, including "Xiaogu Fengshou," which entered the liquor industry in 2023, promising fixed annual returns and claiming bank supervision of funds [3][4]. Group 3: Investor Reactions - Over 3,000 investors are reportedly involved, with total funds exceeding several billion yuan, leading to widespread panic and distrust in the company's assurances [4][6]. - Many investors have expressed their frustrations online, with some filing police reports against the Mengda Group for suspected contract fraud [4][6]. - The company's communication regarding the crisis has been met with skepticism, as investors doubt the feasibility of the proposed repayment plan and the company's ability to fulfill its commitments [4][19]. Group 4: Operational Challenges - The company cited external events and economic downturns as contributing factors to its liquidity issues, including a protective freeze on bank accounts due to investigations into money laundering [7][8]. - The Mengda Group has acknowledged losses due to overdue payments from client companies, many of which are small and medium-sized enterprises facing operational difficulties [7][8]. - Despite the crisis, the company claims that other business segments remain operational, although investor confidence has significantly waned [7][8].

Core Viewpoint - The article discusses the withdrawal difficulties faced by investors in the "Liuke Yunbang" and "Xiaogu Shoufu" platforms under the Mengda Group, highlighting a liquidity crisis and investor concerns over potential fraud [1][2][3]. Group 1: Withdrawal Issues - Investors have reported that since October 2025, withdrawal channels on "Liuke Yunbang" have been malfunctioning, initially limiting large withdrawals and eventually freezing all funds [1][2]. - As of November 2025, over 3,000 investors are affected, with total funds involved exceeding 1 billion yuan [3][4]. Group 2: Company Response and Investor Sentiment - Mengda Group proposed a repayment plan that involves staggered payments based on the amount invested, with larger investments being converted into equity [2][6]. - The company's assurances regarding normal operations and adherence to the new repayment plan have failed to restore investor confidence, leading to reports of contract fraud [3][4]. Group 3: Crisis Origin - The crisis was attributed to a protective freeze on the company's bank accounts due to an external investigation into money laundering, which triggered mass withdrawal requests from investors [4][5]. - Economic downturns have also contributed to the company's financial struggles, with many client businesses facing overdue payments and bad debts [5]. Group 4: Business Model and Investor Trust - The "Liuke Yunbang" platform was marketed as a low-risk investment opportunity, promising stable returns through a supply chain financing model [8][9]. - Investors were led to believe in the existence of substantial underlying assets and warehouse facilities, which later turned out to be questionable [10][12]. Group 5: Legal and Regulatory Concerns - Investors have expressed concerns over the legality of the proposed repayment plan, fearing that converting their investments into equity may expose them to greater risks [15]. - Ongoing investigations by local authorities into the Mengda Group's operations have raised questions about potential illegal fundraising or other financial misconduct [15].

Core Insights - The introduction of new regulations in supply chain finance is reshaping the roles and responsibilities of core enterprises, requiring them to adopt an ecological mindset to remain competitive [2][15] - Financial institutions are transitioning from passive risk control to proactive restructuring, focusing on technology, data, and product innovation to build a new risk control system [2][18] - Supply chain financial information service providers are returning to their core business, promoting more standardized practices in supply chain finance [2][23] Market Growth - China's supply chain finance market is projected to grow from 25.2 trillion yuan in 2020 to 41.8 trillion yuan by 2024, with a compound annual growth rate of 13.5% [2] - The total amount of basic assets, including accounts receivable, prepayments, and inventory, is expected to increase from 75.9 trillion yuan in 2020 to 107.6 trillion yuan by 2024, reflecting a 9.1% compound annual growth rate [2] Regulatory Environment - The recent regulations aim to optimize the financing environment for small and medium-sized enterprises (SMEs) and enhance the standardization of supply chain finance [6][8] - A series of policies have been introduced since 2020 to promote the orderly development of supply chain finance, with the latest regulation issued in April 2025 [7][8] Key Drivers of Change - The new regulations focus on three main areas: assisting SMEs with funding challenges, promoting data-driven credit systems, and establishing self-regulatory mechanisms to enhance risk control [12][9] - The shift from core enterprise credit to real transaction data as the basis for trust in supply chain finance is a significant transformation [15][16] Innovations and Upgrades - Supply chain finance is experiencing four major upgrades: optimization of market structure, efficiency improvements through technology, deeper integration of green finance, and enhanced risk control capabilities [13][14] - Innovations in financing tools, risk control methods, and green finance are emerging, with a focus on expanding the range of financing products available [14][26] Role of Financial Institutions - Financial institutions are actively reconstructing their risk control systems by leveraging technology, data sharing, product innovation, and insurance integration [18][20] - The use of blockchain, AI, and big data is becoming essential for enhancing transparency and efficiency in supply chain finance [21][22] Transformation of Information Service Providers - Supply chain financial information service providers are evolving to focus on data aggregation and compliance, moving away from financial functions [24][25] - The competitive landscape is shifting towards a model driven by technology and compliance, leading to increased market concentration [24][27]

Company Dynamics - 联易融科技 reported 3Q25 operational data showing a 30% increase in the number of core enterprise/financial institution partners to 2,798 and a 40% increase in revenue-generating clients to 1,346, with a client retention rate of 99% [1] - Total asset processing scale for 1-3Q25 increased by 28% year-on-year to 336.2 billion, with 3Q25 transaction volume up 30% year-on-year and 28% quarter-on-quarter to 132.6 billion, marking a record high for the first three quarters [1] Business Performance - Direct financing business saw a 44% year-on-year increase in transaction volume for 1-3Q25 to 252.3 billion, with 3Q25 transaction volume up 54% year-on-year and 17% quarter-on-quarter, driven by efficient customer acquisition and innovative financial solutions [1] - Asset securitization business experienced a 3% year-on-year decline in transaction volume for 1-3Q25 to 77 billion, but 3Q25 showed a 77% quarter-on-quarter increase to 37.5 billion, indicating improvement in the ABS cloud under deepening penetration in the infrastructure sector [1] Strategic Developments - Cross-border cloud transaction volume decreased by 5% year-on-year to 6.8 billion for 1-3Q25, with a significant drop of 33% year-on-year and 22% quarter-on-quarter in 3Q25, but the company is optimistic about future growth from its international strategy [2] - The company successfully won a bid for a large central enterprise's Web3.0 supply chain finance platform project, indicating potential breakthroughs in the Web3.0 trade finance sector [2] - The company is actively repurchasing shares, reflecting its commitment to shareholder returns and management's confidence in future development [2] Profit Forecast and Valuation - The profit forecast for 2025 and 2026 remains unchanged, with the company currently trading at 0.9x and 0.8x P/B for 2025 and 2026 respectively [2] - The target price has been raised by 77% to 3.6 HKD, corresponding to 1.1x and 1.0x P/B for 2025 and 2026, with an upside potential of 12.2%, while maintaining an outperform rating [2]